• Latest
  • Trending
  • All
  • News
  • Lifestyle
UPDATE 1-Oil prices slip as U.S. inventories, virus fears grow thumbnail

UPDATE 1-Oil prices slip as U.S. inventories, virus fears grow

July 22, 2020
What the EPA’s partial rollback of the ‘forever chemical’ drinking water rule means thumbnail

What the EPA’s partial rollback of the ‘forever chemical’ drinking water rule means

May 16, 2025
Senate Dems ask AG Bondi to investigate Musk-owned Starlink deals thumbnail

Senate Dems ask AG Bondi to investigate Musk-owned Starlink deals

May 16, 2025
Ocasio-Cortez Warns: Trump Admin Will Have a 'Problem' if More Democrats Arrested thumbnail

Ocasio-Cortez Warns: Trump Admin Will Have a ‘Problem’ if More Democrats Arrested

May 15, 2025
The New York Knicks Have Pushed the Boston Celtics to the Brink thumbnail

The New York Knicks Have Pushed the Boston Celtics to the Brink

May 14, 2025
Gen Z’s not drowning in buy-now-pay-later debt—yet. But experts warn it’s a luxury lifestyle trap thumbnail

Gen Z’s not drowning in buy-now-pay-later debt—yet. But experts warn it’s a luxury lifestyle trap

May 13, 2025
Traveling during hurricane season? Here's what you should know thumbnail

Traveling during hurricane season? Here’s what you should know

May 13, 2025
DHS warns of more Dem arrests after Newark ICE detention center protest — as Mayor Ras Baraka blames agency for escalation thumbnail

DHS warns of more Dem arrests after Newark ICE detention center protest — as Mayor Ras Baraka blames agency for escalation

May 12, 2025
Massachusetts suspect charged with attempting to assassinate a Cabinet nominee thumbnail

Massachusetts suspect charged with attempting to assassinate a Cabinet nominee

May 11, 2025
Scientists discover how some flowers mimic the smell of death thumbnail

Scientists discover how some flowers mimic the smell of death

May 10, 2025
State trooper points to possible weapon in John O'Keefe death – and it's not Karen Read's car thumbnail

State trooper points to possible weapon in John O’Keefe death – and it’s not Karen Read’s car

May 10, 2025
How to Address When an Employee Is Not Working Out for Your Team’s Success thumbnail

How to Address When an Employee Is Not Working Out for Your Team’s Success

May 10, 2025
New York Knicks two wins from East finals after second straight Celtics fightback thumbnail

New York Knicks two wins from East finals after second straight Celtics fightback

May 9, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate
Friday, May 16, 2025
66 °f
Wellfleet
58 ° Tue
63 ° Wed
68 ° Thu
61 ° Fri
  • Login
  • Register
FREE Cape Cod News
DONATE
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
No Result
View All Result
Free Cape Cod News
No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
  • Politics
  • Business
  • World
  • Entertainment
  • Lifestyle
  • Photos
  • Videos
Home U.S.

UPDATE 1-Oil prices slip as U.S. inventories, virus fears grow

FREE Cape Cod News by FREE Cape Cod News
July 22, 2020
in U.S.
Reading Time: 2 mins read
Donate
0
UPDATE 1-Oil prices slip as U.S. inventories, virus fears grow thumbnail
631
SHARES
1.4k
VIEWS
Share on TwitterShare on Facebook

* U.S. crude stockpiles rise sharply, API says

* U.S. tells China to shut Houston consulate

* Trump shifts tone with coronavirus warning

* EIA data on U.S. inventories due at 1430 GMT (Updates prices, adds latest on US-China)

By Bozorgmehr Sharafedin

LONDON, July 22 (Reuters) – Oil prices fell on Wednesday as industry data showed a bigger-than-expected rise in U.S. inventories and as tensions escalated between the United States and China.

Brent crude fell 58 cents, or 1.3%, to $43.74 a barrel by 1058 GMT. U.S. West Texas Intermediate (WTI) crude dropped 66 cents, or 1.6%, to $41.26.

The American Petroleum Institute (API) industry group reported that U.S. crude inventories rose last week by 7.5 million barrels, compared with forecasts for a drawdown of 2.1 million barrels.

The U.S. Energy Information Administration (EIA) releases official oil data later on Wednesday.

“U.S. glut fears have become a permanent fixture of the oil market,” said Stephen Brennock of oil broker PVM. “This will remain the case so long as the U.S. oil demand outlook is being undermined by the country’s failure to contain the COVID pandemic.”

U.S. President Donald Trump said on Tuesday the outbreak would probably worsen before it got better, comments that marked a shift from his previously robust emphasis on reopening the U.S. economy.

Bjornar Tonhaugen, Rystad Energy’s head of oil markets, said Trump’s comments might be welcomed by investors as they were among the most measured by him or his administration so far.

“This could be a positive for oil demand prospects. Instead of an uncontrolled, disruptive second wave of lockdowns, maybe chances have now increased that the United States will eventually get the spread under control,” Tonhaugen said.

However, a fresh dispute between Washington and Beijing put pressure on prices, after the United States told the Chinese consulate in Houston to shut and a source said China was considering shutting the U.S. consulate in Wuhan.

Adding to pressure, there are also signs that Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries, is still not meeting its target under an OPEC-led pact to cut supplies.

Reporting by Bozorgmehr Sharafedin; Additional reporting by
Jessica Jaganathan in Singapore; Editing by David Goodman and
Edmund Blair

Read More

FREE Digital Newspaper Subscription!
Sign up for your free digital subscription. The FREE Cape Cod News

Unsubscribe
FREE Cape Cod News

FREE Cape Cod News

Free Cape Cod News is what's happening in the Cape Cod, U.S and World & what people are talking about right now. Local newspaper. Stay in the know. Subscribe to get notified about our latest news.

Related Posts

Analysis: How did Mexico elect a female president before the United States? Not by accident thumbnail
News

Analysis: How did Mexico elect a female president before the United States? Not by accident

by FREE Cape Cod News
June 8, 2024
How Men and Women Are Dividing on Politics thumbnail
Politics

How Men and Women Are Dividing on Politics

by FREE Cape Cod News
April 22, 2024
Texas Is Spoiling for a Civil War thumbnail
News

Texas Is Spoiling for a Civil War

by FREE Cape Cod News
February 1, 2024
SCOTUS Allows Feds To Remove Wire Along Border, Deferring Showdown With Texas thumbnail
News

SCOTUS Allows Feds To Remove Wire Along Border, Deferring Showdown With Texas

by FREE Cape Cod News
January 28, 2024
Load More
Please login to join discussion

Follow Us on Twitter

FREE Cape Cod News - Your source for local Cape Cod news, latest breaking U.S. and World news. Every day, all day. Subscribe for your favorite categories.

  • Trending
  • Comments
  • Latest
Senate Dems ask AG Bondi to investigate Musk-owned Starlink deals thumbnail

Senate Dems ask AG Bondi to investigate Musk-owned Starlink deals

May 16, 2025
What the EPA’s partial rollback of the ‘forever chemical’ drinking water rule means thumbnail

What the EPA’s partial rollback of the ‘forever chemical’ drinking water rule means

May 16, 2025
UN arms embargo on Iran expires as world ignores Trump administration's "snapback" claims thumbnail

UN arms embargo on Iran expires as world ignores Trump administration’s “snapback” claims

October 19, 2020
Senate Dems ask AG Bondi to investigate Musk-owned Starlink deals thumbnail

Senate Dems ask AG Bondi to investigate Musk-owned Starlink deals

0
What the EPA’s partial rollback of the ‘forever chemical’ drinking water rule means thumbnail

What the EPA’s partial rollback of the ‘forever chemical’ drinking water rule means

0
Ocasio-Cortez Warns: Trump Admin Will Have a 'Problem' if More Democrats Arrested thumbnail

Ocasio-Cortez Warns: Trump Admin Will Have a ‘Problem’ if More Democrats Arrested

0
What the EPA’s partial rollback of the ‘forever chemical’ drinking water rule means thumbnail

What the EPA’s partial rollback of the ‘forever chemical’ drinking water rule means

May 16, 2025
Senate Dems ask AG Bondi to investigate Musk-owned Starlink deals thumbnail

Senate Dems ask AG Bondi to investigate Musk-owned Starlink deals

May 16, 2025
Ocasio-Cortez Warns: Trump Admin Will Have a 'Problem' if More Democrats Arrested thumbnail

Ocasio-Cortez Warns: Trump Admin Will Have a ‘Problem’ if More Democrats Arrested

May 15, 2025

FREE Cape Cod News On Twitter

Today’s News

  • What the EPA’s partial rollback of the ‘forever chemical’ drinking water rule means May 16, 2025
  • Senate Dems ask AG Bondi to investigate Musk-owned Starlink deals May 16, 2025
  • Ocasio-Cortez Warns: Trump Admin Will Have a ‘Problem’ if More Democrats Arrested May 15, 2025
  • The New York Knicks Have Pushed the Boston Celtics to the Brink May 14, 2025
  • Gen Z’s not drowning in buy-now-pay-later debt—yet. But experts warn it’s a luxury lifestyle trap May 13, 2025
FREE Cape Cod News

Copyright © 2024 Free Cape Cod News

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
  • Login
  • Sign Up

Copyright © 2024 Free Cape Cod News